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Wells Fargo and ICICI Bank
Launch Overseas Remittance Service
Send up to US$3,000 a day from their
U.S. accounts to accounts in India for $8.00 per transaction.
SAN FRANCISCO, Dec.1, 2004
Wells Fargo & Company (NYSE:WFC) and India's ICICI
Bank said today they will partner to launch a new remittance service that
allows customers in the United States to send up to US$3,000 a day from
their U.S. accounts to accounts in India for $8.00 per transaction.
The U.S.- India remittance product is Wells Fargo's third such
international remittance product launch in the last nine years, and the
second into the Asia-Pacific region.
The Asian-Indian community is a fast-growing, thriving market segment
in the United States. As such, we strive to offer a complete range of
financial products and services our customers may need," said
Daniel Ayala, head of Wells Fargo's Cross Border Payments group.
"Reaching out to the Indian market -- the world's second
most populous nation - is an important part of our global consumer remittance
strategy, and further extends our ability to meet the financial needs
of our diverse customer base in the United States."
The Global remittance market is estimated at $110 billion, including India-bound
remittances of almost $11 billion. Approximately half of the transfers
to India originate from the 1.5 million Asian-Indians living in the United
States.
Partnering with ICICI Bank Limited allows Wells Fargo customers'
beneficiaries to access a remittance distribution channel of 470 banking
stores and 1790 ATMs in India.
Customers can safely transfer funds directly from Wells Fargo to ICICI
Bank. Once they open an account, clients can use the Wells Fargo store,
phone, online banking, or ATM channels to conveniently transfer funds
from their Wells Fargo account to their beneficiary's ICICI Bank
account in India. Once the transfer is complete, funds are available in
Indian Rupees the following banking day in India.
The wide reach of Wells Fargo in the U.S. and ICICI Bank in India means
that money-transfer options are available to both the remitter as well
as the beneficiary at a stone's throw from their home or office,"
said Mr. Gopakumar P, head of Non Resident Indian Business at ICICI Bank
Limited. "Add to that a 24-hour delivery period and a very affordable
charge, and this is easily one of the best money-transfer solutions available
to non-resident Indians today
In 1995 Wells Fargo launched its InterCuenta Express(R), the money transfer
product between the U.S. and Mexico, and last June, with its partner banks,
created the largest consumer remittance distribution network by a U.S.
bank in Mexico. Earlier last month, Wells Fargo announced its launch of
the International ATM Remittance Account to the Philippines.
"This program, designed and launched in close collaboration between
Wells Fargo and ICICI Bank, provides our mutual customers with a much-needed,
safe, and reliable service," said Gene Gutierrez, product development
manager for Wells Fargo's cross border payments. We are confident
that the strength of our two brands will allow for a successful entry
into the fast-growing Asian Indian market segment."
About Wells Fargo
Wells Fargo & Company is a diversified financial services company
with $422 billion in assets, providing banking, insurance, investments,
mortgage and consumer finance to more than 27 million customers from more
than 6,000 stores and the internet (wellsfargo.com) across North America
and elsewhere internationally. Wells Fargo Bank, N.A. is the only "Aaa"-
rated bank in the United States.
About ICICI Bank Limited
ICICI Bank is India's second largest bank with total assets of
Rs.126,138 crore (USD 27 Bn) as of June 30, 2004. ICICI Bank has 470 branches
and offices and 1,790 ATMs and offers a wide range of banking products
and financial services to corporate and retail customers through a variety
of delivery channels and through its specialized subsidiaries and affiliates
in the areas of investment banking, life and non-life insurance, venture
capital and asset management.
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